Nitrogenmuvek in Last-Ditch Talks to Avert Default on Euro Bond

Nitrogenmuvek, Hungary’s cash-strapped fertilizer maker, is locked in “very active” negotiations with creditors to extend the maturity of a €200 million ($222 million) bond that’s due in a day, Chief Strategy Officer Zoltan Bige said.

While Nitrogenmuvek paid its last coupon this week, it’s not in a position to repay the principal, Bige told Bloomberg News in an interview on Tuesday. Some of the company’s financial constraints can be blamed on a discriminatory and “unmanageable” Hungarian tax it’s contesting in court, he said.